Belk On Business

Money Handling Mistakes Pt 2 – Belk on Business – Episode 186 There are many mistakes a business owner can and does make, some which could be fatal to the business either directly through mismanagement of the finances or indirectly through failure to follow proper internal controls or following basics of asset protection. Best to run finances in a proactive manner, not a reactive one making tweaks and not major adjustments which can shake a business and its culture to the core. 1) Ignoring the numbers – for many businesses, especially in the first phase of business ignores the accounting/finance function of the business until either they are needed for loans or taxes. This results usually in overpaying taxes, inability to have an understanding of what is and isn’t working in your business and an inability to plan effectively towards profitability and scaling. Can also result in making poor financial decisions such as purchasing items just for tax deduction purposes or purchasing what the business doesn’t re